中文摘要：

本文基于中国金融与房地产行业的超额利润率这一特征事实，实证检验实体企业跨行业套利的具体驱动因素及其对创新的影响。研究发现：市场竞争压力是实体企业进行跨行业套利的主要驱动因素，并不支持融资需求假设：而跨行业套利行为显著降低了实体企业的创新活动，表现为创新抑制效应，且利润率差距越大，对企业创新的抑制效应越显著，但随着市场化进程的不断推进，跨行业套利对企业创新的抑制效应逐渐减弱。进一步检验显示：实体企业会通过加杠杆方式来获取资源进行跨行业套利，而跨行业套利行为不仅抑制了企业资本投资，致使其逐渐偏离主营业务，而且未有充分证据表明跨行业套利行为显著缓解了企业融资约束。该研究不仅揭示了中国实体企业跨行业套利的驱动因素，而且有助于从跨行业套利这一全新视角解释长期以来中国企业创新动力不足的原因，揭示实体企业空心化形成的具体机理，并且进一步澄清了行业间竞争对企业创新的影响，丰富了市场集中程度与企业创新关系的文献。

英文摘要：

Based on the super-normal profit rate of the financial and real estate industry in China, we analyze the driving factors of cross-industry arbitrage and its impact on innovation by empirical evidence. The study finds that the market competition pressure is the main driving factor of the cross-industry arbitrage, which does not support the financing demand assumption. Cross-industry arbitrage significantly inhibits the enterprise innovation in these two industries, which is the innovation inhabitation effect. When the difference between their interest rates is greater, the effect is stronger. But it reduces gradually as market-oriented reform continues. Our further study has shown that entity enterprises will gain enough resources to make cross-industry arbitrage by leveraging. But this inhabits inventory and drives companies from main business. Worse still, there is no adequate proof that cross- industry arbitrage will obviously lessen financing burden. Our study will not only reveal the driving factors of cross- industry arbitrage, but also explain the lack of innovation for a long time from a new perspective. It uncovers the real economy hollowing and further clarifies the influence of competition on innovation so as to enrich the literature of the relationship between market concentration and innovation.